PaySimple Increases Billing and Collections Efficiency for San Luis Valley Rural Electric Co-op

DENVER, CO, April 11, 2007 – PaySimple, an industry-leading provider of payment management solutions for businesses, is pleased to announce it has been chosen by San Luis Valley Rural Electric Cooperative to provide billing and payment processing services. San Luis Valley’s customers can now elect to participate in an auto-recurring payment program or to make payments by phone via ACH direct debit or credit card.

Across industries, consumer demand for payment method flexibility is becoming an increasingly important factor in how organizations conduct business. Small power companies and cooperatives are finding that in order to compete with large utilities—especially in price-sensitive deregulated markets—they must not only increase accounts receivable system efficiency, but also meet customer demand for easier, more convenient payment options. Recognizing these circumstances, San Luis Valley is now utilizing PaySimple to streamline its entire billing and collections process, and also to offer its customers more options in how they pay monthly electric bills.

“The time saving benefits of the PaySimple system are astounding,” said Joan Waudby, Corporate Treasurer of San Luis Valley. “Our old system required hand-writing information, waiting to submit the payment, and then shredding the information. We can now easily access the securely hosted PaySimple system via the Internet and process payments in real-time!”

“Because of its user-friendly interface and time-saving features, PaySimple is an ideal solution for the co-op utilities industry,” said Eric Remer, PaySimple CEO. “Our gateway enables regional co-ops to better compete with large utility companies by streamlining billing and collections processes and by building customer loyalty through providing more satisfying payment options.”

PaySimple provides a complete payment gateway that is designed to process one-time payments and auto-recurring billing schedules. The system processes payments via credit or debit card, ACH direct debit, and electronic conversion of paper checks. Payments can be made conveniently over the phone, automatically with recurring billing, or online using a secure form hosted by PaySimple. The system automatically emails receipts and funds are directly deposited into the merchant’s designated bank account. In addition, PaySimple stores all sensitive customer information in a secure PCI compliant system. After the first payment, the easy-to-use search feature simplifies subsequent transactions by retrieving previously stored information.

For more information about PaySimple and its payment processing gateway, visit the company website at www.paysimple.com or call 800.466.0992. For more information about San Luis Valley Rural Electric Cooperative, see www.slvrec.com or call 800.332.7634.

About PaySimple: PaySimple is an industry-leading provider of payment management solutions. PaySimple simplifies billing and collection processes by enabling customers to invoice, collect and deposit all of their payments automatically. The customized, secure ASP solution includes auto-recurring billing, electronic check processing, direct debit and credit card processing at some of the lowest rates available. PaySimple seamlessly integrates with most business management software. Based in Denver, Colorado, PaySimple sells its system direct to end-users and via partners who provide total business software solutions. www.paysimple.com.

About San Luis Valley Rural Electric Cooperative: Located in Monte Vista, Colorado, San Luis Valley Rural Electric Cooperative provides electric utility service to seven surrounding counties. It is a nonprofit corporation, originally organized in 1937, and similarly to most rural cooperatives, SLVREC is owned by its members. www.slvrec.com.
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